Sec. 7-329i. Rates, rents, fees and charges.
Sec. 7-329i. Rates, rents, fees and charges. The port authority is authorized to
fix, revise, charge and collect rates, rents, fees and charges for the use of and for the
services furnished or to be furnished by each project and to contract with any person,
partnership, association or corporation, or other body, public or private, in respect
thereof. Such rates, rents, fees and charges shall be fixed and adjusted in respect of the
aggregate of rates, rents, fees and charges from such project so as to provide funds
sufficient with other revenues, if any, (1) to pay the cost of maintaining, repairing and
operating the project and each and every portion thereof, to the extent that the payment
of such cost has not otherwise been adequately provided for, (2) to pay the principal of
and the interest on outstanding revenue bonds of the port authority issued in respect of
such project as the same shall become due and payable, and (3) to create and maintain
reserves required or provided for in any resolution authorizing, or trust agreement securing, such revenue bonds of the port authority. Such rates, rents, fees and charges shall
not be subject to supervision or regulation by any department, commission, board, body,
bureau or agency of this state other than the port authority. A sufficient amount of the
revenues derived in respect of a project, except such part of such revenues as may be
necessary to pay the cost of maintenance, repair and operation and to provide reserves
and for renewals, replacements, extensions, enlargements and improvements as may be
provided for in the resolution authorizing the issuance of any revenue bonds of the port
authority or in the trust agreement securing the same, shall be set aside at such regular
intervals as may be provided in such resolution or trust agreement in a sinking or other
similar fund which is hereby pledged to, and charged with, the payment of the principal
of and the interest on such revenue bonds as the same shall become due, and the redemption price or the purchase price of bonds retired by call or purchase as therein provided.
Such pledge shall be valid and binding from the time when the pledge is made; the rates,
rents, fees and charges and other revenues or other moneys so pledged and thereafter
received by the port authority shall immediately be subject to the lien of such pledge
without any physical delivery thereof or further act, and the lien of any such pledge
shall be valid and binding as against all parties having claims of any kind in tort, contract
or otherwise against the port authority, irrespective of whether such parties have notice
thereof. Neither the resolution nor any trust indenture or agreement by which a pledge
is created need be filed or recorded except in the records of the port authority. The use
and disposition of moneys to the credit of such sinking or other similar fund shall be
subject to the provisions of the resolution authorizing the issuance of such bonds or of
such trust agreement. Except as may otherwise be provided in such resolution or such
trust indenture or agreement, such sinking or other similar fund shall be a fund for all
such revenue bonds issued to finance projects of such port authority without distinction
or priority of one over another.
(P.A. 98-240, S. 9.)